Friday’s Action: ‘Spring-to-Up-Thrust’
There’s a lot of ‘waiting’ in the markets; waiting for the right time, the right set-up.
The last update on D.R. Horton (DHI) said to watch for a test of resistance and possible Fibonacci time correlation.
Well, we got the test.
As for Fibonacci, it shifted to a potential low-to-high sequence; the low on January 24th, to the high on Friday, was 8-Days.
Friday’s action was a minor ‘spring-to-up-thrust.
The prior session low was penetrated as well as the high with an overall lower close.
All of which brings us to the chart.
D.R. Horton, DHI, Weekly
Looking at the chart, it’s self-explanatory.
We’re in a terminating wedge that’s in a ‘throw-over’.
If price action gets below the upper wedge boundary, it’s a confirmation. That in turn, would suggest much lower prices ahead (not advice, not a recommendation).
Note the massive down-thrust. We have to go all the way back to the ‘event’, to see anything similar.
Stay Tuned
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